A new report from the Federal Reserve shows that the median net worth of the American househeld is down 40 percent since 2007 and income is down 7 percent.
The index of Small Business Optimism fell by a tenth of a percent last month, but small businesses that weathered the recession may finally be beginning to hire.
Today three big banks in Portugal were forced to draw on $8.25 billion worth of European Union bailout money to weather the current financial storm. Portugal has been slogging through very tight budgets in order to be eligible for money like this.
May's jobs reports has worried investors worldwide about their short-term prospects. But there are more acute fears of a global slowdown, caused by what’s going on in Europe and emerging markets.
Dewey & LeBoeuf filed for bankruptcy protection last night. In the last half century, large corporate law firms have enjoyed an enormously lucrative run. Although in the last four to five years revenue has flattened out.
